In family firms, the succession of controlling equity stake to next generation is an issue of paramount importance. This, however, can be a major challenge in the presence of heavy inheritance or gift tax burden (high tax rate and absence of tax-saving vehicles, such as trusts or foundations)...

The post-Enron era is marked with growing discourse of stakeholders, sustainability, and corporate social responsibility (CSR). Commentators debate whether U.S. corporations have indeed moved towards a stakeholder orientation, given the difficulties in measuring such a shift. We assess this...